Stanbic sets up saving account for children

| Tuesday November 4, 2008 00:00

The bank shall deposit P50, 000 per annum into the account, which shall bear interest in terms of normal bank rates for similar accounts. Each child shall be entitled to a life start up amount of P5, 000.00 or such other amount as may be subsequently determined by the bank and SOS. The amount will also be free of any bank charges.

The Fund was established last week and an agreement was signed between the SOS and the bank's management. In a statement the SOS director, Derek James said, ' We are very delighted by Stanbic bank's involvement in assisting to better the lives of the children, and we hope this will motivate other companies to develop interest in these disadvantaged members of our society'

Stanbic Bank's Managing Director Leina Gabaraane said their aim was to help the children graduating from the Tlokweng SOS Village and start up their lives as adults on an equal footing with other children who have been fortunate to be raised by their parents.

' It is our wish to extend this fund to other SOS Villages in the country if funds permit,' he said.

Upon graduation of the child, the Village shall make a claim for funds on behalf of the child against the bank account. The bank shall transfer any remaining balance of the start up amount into a savings account opened in the name of the child and control of the savings account shall be handed over to the child in terms of the bank's normal procedures and processes. The child shall henceforth have full access to such funds.